Question

Reflecting on the focus and content of this course (Fraud), what is an important challenge facing the accounting department of organizations today, and how would you go about addressing it? Explain your response.

Answer 1

Answer)

Important challenges that accounting department facing today are:

1)lack of Transperacy:Here, although the accountant advices the director or other officials to maintain enough Transperacy , finally the accounts are prepared on basis as ordered by the officials.This problem is more in the organisations which are not needed to perform Statutory Assisi.

2)Checking on the fraud: Identifying the fraud is some what easy compared to maintaining the controls to avoid it. Here, Management must give adequate support to the capable accountants for avoiding the fraud as ounce of prevention is much more better than pound of cure.

3)Maintainance of Books: Here,for Statutory audit the accountant must maintain the books of accounts for upto 7 financial years.Here,the main problem is vendor invoices where in poorly organised organisation finding one book will become a nightmare for the accountants.